topic Re: dumb question in Credit Cards

dumb question

ecxpa — Sun, 23 Feb 2014 14:08:31 GMT

What is a signature card......what are the benefits. I have a Chase Sapphire and "signature" is written on the back

Re: dumb question

Built2last — Sun, 23 Feb 2014 14:37:18 GMT

Signature cards allow you to have a flexible credit limit. For example, if you have a $5000 signature card, you could make a $7000 purchase but would be expected to bring your balance below your credit limit in addition to making at least the minimum payment by the due date.

Re: dumb question

ecxpa — Mon, 24 Feb 2014 18:22:02 GMT

So.....if I understand correctly a signature card has a built in over credit limit protection.....sort of?

Re: dumb question

gdale6 — Mon, 24 Feb 2014 18:34:22 GMT

@ecxpa wrote:
So.....if I understand correctly a signature card has a built in over credit limit protection.....sort of?

In a nutshell, yes you can avoid OL fees. Same thing applies to World M/C cards they are the Visa Siggy equivalent.

Re: dumb question

jnc — Mon, 24 Feb 2014 18:42:43 GMT

I am constantly amazed at the things I learn here.

I hold a world mastercard and had no clue about this.

This explains why I didn't get penalized when I went over the limit recently!

Re: dumb question

Anonymous — Mon, 24 Feb 2014 21:58:38 GMT

@jnc wrote:
I am constantly amazed at the things I learn here.
I hold a world mastercard and had no clue about this.
This explains why I didn't get penalized when I went over the limit recently!

the rules have changed with regards to overlimit fees.

If your card has a fixed CL, the banks cannot charge you OL fees simply because you went over the limit. You will have to opt-in for the overlimit feature for them to charge you any OL limits. As such, for non-signature or non-world MC cards, banks will usually just decline charges that are overlimit.

As for World MC / Visa Sig, most of the cards have NPSL features as a standard feature, though its dependent on the bank as to whether they'll approve those charges.

Re: dumb question

red259 — Mon, 24 Feb 2014 22:36:00 GMT

@ecxpa wrote:
What is a signature card......what are the benefits. I have a Chase Sapphire and "signature" is written on the back

Not really a dumb question. I'm sure a lot of the general public have no idea what it means.

Re: dumb question

grinlikechelsea — Mon, 24 Feb 2014 22:44:16 GMT

@red259 wrote:
@ecxpa wrote:
What is a signature card......what are the benefits. I have a Chase Sapphire and "signature" is written on the back
Not really a dumb question. I'm sure a lot of the general public have no idea what it means.

I agree. I certainly didn't know what it meant when I joined the forum.

Re: dumb question

Themanwhocan — Tue, 25 Feb 2014 03:39:02 GMT

I like Signature because it often comes with automatic warranty extensions.

Re: dumb question

Anonymous — Tue, 25 Feb 2014 03:42:15 GMT

@Themanwhocan wrote:
I like Signature because it often comes with automatic warranty extensions.

except it can be a nightmare with certain lenders....

For example, some may require you to ship the item to them at your expense. And if that item happens to be a 60 inch TV or just something large / heavy, then cost of shipping might actually exceed the cost of repairs / replacement!

Re: dumb question

ecxpa — Tue, 25 Feb 2014 04:32:33 GMT

That may also explain why its listed as a flexible spending acct on EQ

Re: dumb question

Swapmeet — Tue, 25 Feb 2014 05:11:10 GMT

The "signature" on the back of your card is just where you are supposed to sign the back... Just messing with ya.

Re: dumb question

Irisa — Tue, 25 Feb 2014 05:50:33 GMT

@Swapmeet wrote:
The "signature" on the back of your card is just where you are supposed to sign the back... Just messing with ya.

Phew! I got it right. LOL

Re: dumb question

Irisa — Tue, 25 Feb 2014 05:51:38 GMT

@ecxpa wrote:
That may also explain why its listed as a flexible spending acct on EQ

Correct.

And I agree with the others, it was not a dumb question.